According to Odaily Planet Daily, according to a report by Chainalysis, despite the war and regulatory issues, cryptocurrency adoption across Eastern Europe has been growing steadily driven by institutional and DeFi activities.
As the world’s fourth-largest cryptocurrency market, Eastern Europe’s on-chain value is $499.14 billion between July 2023 and June 2024, accounting for 11% of the world’s total cryptocurrency share.
Chainalysis noted that CEX received the most cryptocurrencies in the region, with nearly $324 billion, and DeFi activity has grown significantly over the past year, with cryptocurrencies valued at $165.46 billion, accounting for one-third of inflows into the region.
The report also mentioned that in this year’s Global Cryptocurrency Adoption Index, Ukraine and Russia ranked 6th and 7th respectively, with Russia rising 6 places from last year’s ranking.